USD/CAD Outlook Remains Bullish Despite Today’s Decline

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USD/CAD Outlook Remains Bullish Despite Today’s Decline

ByLCMS Traders FX Analysis Team

 AUG 23, 2021

USD/CAD Daily Forecast

USD/CAD is trading 0.48% lower to 1.27338 after briefly touching the 1.2900 mark last week. The intraday support levels are at 1.2700 and 1.2677 while the intraday resistance levels are at 1.2765 and 1.2800.

The intraday price is currently bullish however, the only 4-hourly chart the pair is indicating a further bearish momentum. The SMA-14 is indicating support at 1.2600 while the SMA-50 support line is at 1.2495. The RSI is at 62 and has a downwards curve while the MACD is also favoring the bears. Following the intraday price pattern, today’s correction can be well taken for a decent buying entry using the following levels

Direction: Buy

Entry: 1.2725

Take Profit: 1.2780

Stop-Loss: 1.2685

 

USD/CAD Outlook Remains Bullish Despite Today’s Decline

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